LONDON (Alliance News) - Life sciences company ValiRx PLC shares were volatile early Thursday after it said it has struck a deal to buy the assets and intellectual property rights of Finnish gene expression and biomarker technology 'Transcript Analysis with the Aid of Affinity Capture'.
ValiRx is buying the assets and rights via its ValiRx Finland Oy biomarker subsidiary for EUR75,000 in cash.
The company said the acquisition will strengthen its biomarker development and service offering by adding a high-content gene expression analysis platform to its operation.
"The acquisition of the TRAC technology platform will synergistically strengthen our biomarker development capabilities and our biomarker library at ValiFinn and it will also substantially support our on-going clinical trials programme," said ValiRx Chief Executive Satu Vainikka.
"The technology is already being used by a range of customers, has a revenue stream and has the potential to grow into a substantial and profitable business," Vainikka added.
Shares in ValiRx were down 4% to 0.2495 pence on Thursday morning, having jumped nearly 20% just after the open.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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ValiRx (VAL)